Friday, Aug 12 2022 | Time 21:36 Hrs(IST)
Business Economy

Amara Raja Batteries Q1 PBT up 33 pc to Rs 176 cr

Tirupati (Andhra Pradesh), August 6 (UNI) Amara Raja Batteries Limited, one of India’s leading Industrial and Automotive Battery major, on Saturday reported a 33 per cent rise in standalone profit before tax (PBT) to of ₹ 176.96 Crores for Q1 of FY 23.
The company’s PBT in corresponding quarter last year stood at Rs 167.04 crore.
During the quarter, revenue increased by 39 per cent over the previous year, the company said in a release here.
The Earnings per Share (EPS) for Q1 of FY 23 stood at Rs 7.70.
The company witnessed robust demand in the automotive sector from the aftermarket as well as 4-Wheeler and 2-Wheeler OEM segments. Industrial battery volumes have shown a healthy growth, especially in the UPS and telecom segments.
Commenting on the company’s performance, Mr. Jayadev Galla, Chairman & Managing Director, said “It is notable that even in the face of global uncertainties we have managed not only to outperform financially but also to launch new marketing and distribution initiatives to further strengthen our brands. We also continue to pursue value accretive growth opportunities in the Energy and Mobility space.”
Harshavardhana Gourineni, Executive Director, Automotive & Industrial Batteries said “The company is seeing some continued pressure to the margins due to increase in power and other input costs, however programs are in place to recover these costs during the balance of the year, including our captive solar generation.”
"Our immediate focus continues to be on the expansion of our pack and charger business. We also continue to make bets on lithium cell technology and will soon start the implementation of our Customer Qualification Plant" said Executive Director, New Energy Business, Vikramadithya Gourineni.
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India's merchandise exports up 2 14 pc in July, trade deficit zooms to $30 billion

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